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Mar 31, 2022
Extreme Networks Q3 2022 Earnings Report
Achieved record bookings and revenue with SaaS ARR approaching $100 million and product backlog exceeding $425 million.
Key Takeaways
Extreme Networks reported strong Q3 fiscal year 2022 financial results, achieving record bookings and revenue. The company's SaaS ARR is approaching $100 million, and its product backlog exceeds $425 million. They expect FY23 Revenue Growth of 10-15%, accelerating to Mid-Teens Through 2025
Revenue reached $285.5 million, a 13% increase year-over-year and a 2% increase quarter-over-quarter.
SaaS ARR reached $97 million, a 54% increase year-over-year and a 10% increase quarter-over-quarter.
GAAP EPS was $0.10, up from $0.03 in Q3 last year.
Non-GAAP EPS was $0.21, up from $0.16 in Q3 last year.
Revenue by Segment
Forward Guidance
For its fourth quarter of fiscal 2022, ending June 30, 2022, the Company is targeting revenue between $265.0 and $275.0 million and net income per diluted share between $0.02 and $0.07.
Positive Outlook
- Targeting total net revenue between $265.0 and $275.0 million (GAAP).
- Targeting gross margin between 55.5% and 57.4% (GAAP).
- Targeting operating margin between 3.1% and 5.5% (GAAP).
- Targeting net income between $2.4 and $9.3 million (GAAP).
- Targeting net income per diluted share between $0.02 and $0.07 (GAAP).
Challenges Ahead
- Operating expenses between $138.6 and $142.9 million (GAAP).
- Targeting total net revenue between $265.0 and $275.0 million (Non-GAAP).
- Targeting gross margin between 57.0% and 59.0% (Non-GAAP).
- Targeting operating margin between 9.1% and 11.4% (Non-GAAP).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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